Superannuation and Binding Death Benefit Nominations
Superannuation is fast overtaking the family home as most people’s major asset.
Without a valid Binding Death Benefit Nomination, the Trustee of your Fund has some discretion as to how benefits can be distributed.
Superannuation may not be dealt with under the terms of your Will:
unless the Trustee of your fund determines (in its discretion) to pay the proceeds to your Estate; or
you have made a Binding Death Benefit Nomination which nominates your estate or your Legal Personal Representative.
If you have used a valid Binding Death Benefit Nomination form which nominates eligible dependents as your beneficiaries, your benefits will be paid to them directly and will not form part of your Estate.
Depending on your fund, you may need to renew your Binding Death Benefit Nomination every 3 years for it to remain binding.
Some funds allow members to sign non-lapsing Binding Death Benefit Nominations.
Some funds will allow you to make a Non-binding Nomination as well. Please read the forms carefully to ensure you are making the correct type of nomination for you.